Coca-Cola Europacific snaps up Philippines fizzy drink maker in $1.4bn deal

Coca-Cola Europacific Partners (CCEP) has acquired its peer in the Philippines in a deal valued at $1.8bn (£1.4bn). 

The European bottler and manufacturer of sugary fizzy drinks completed the deal in a joint venture with Philippine holding company Aboitiz Equity Ventures Inc.

CCEP said the move “builds on its successful expansion into Australia, Pacific & Indonesia (API) in 2021”. 

It acquired the firm from American multinational The Coca-Cola Company (KO). 

Alongside news of the acquisition, the firm published its preliminary results. 

Volumes fell by 0.5 per cent as regions such as France were hit by unseasonably wet weather. 

In the UK, volumes were also flat, driven only by the growth of Monster energy drinks which surged 16.5 per cent. 

Damian Gammell, chief executive said: “We are well placed for FY24 and beyond. We are stronger and better, more diverse and robust, and our categories remain resilient despite ongoing macroeconomic and geopolitical volatility. 

“We have fantastic activation plans, focusing on the Paris Olympics and the UEFA Euros, to engage customers and consumers. 

He added: “And we continue to actively manage our pricing and promotional spend to remain relevant to our consumers, balancing affordability and premiumisation. Along with our focus on productivity, this will all ultimately drive our  free cash flow.”